Looks like YouTube is set to take on services like UStream, Justin.TV, and the like — it announced its roll out streaming capabilities to its platform on Friday in a blog post. Simply called YouTube Live, it marks the first time that its technology would be used for live streaming outside of one-off events.

Now don’t dump UStream just yet: “certain YouTube partners” are the first to gain access. YouTube says that the service will gradually be opened up to more and more partners, although it did not specifically say whether or not consumers would be able to use the live streaming. I’d venture to guess this is in the works, but obviously YouTube will need to make sure their servers would be able to handle the obvious extra load above their traditional video business.

Al Jazeera English has already been using this technology for at least two months now, helping that channel further reach US audiences that so far are still shut out by cable companies from being able to watch it on their televisions.

If you’re interested in checking out some live video on the site, head over to this page on the company’s website. Nothing too interesting so far– let’s hope that the company attracts some more high-profile content providers.